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New professional body Financial Advice New Zealand has announced it has made its submission to the Code Working Group (CWG) on the consultation paper for the new code of conduct for financial advice.
Prepared in conjunction with the three founding bodies (PAA, NZFAA and IFA), the submission includes consultation, input and feedback from MAC representatives, meetings with the CWG, and discussions with members and stakeholders across the industry.
“There are a number of positive elements, but we are concerned about some material shortcomings presented by the consultation paper,” Financial Advice New Zealand chair Sue Brown said. “In our view, these shortcomings will undermine the goal of good advice – the overarching theme of the proposals.”
Brown said working closely with the CWG, along with regulator so that the adviser point of view is well understood and addressed, will be crucial over the coming months.
Financial Advice New Zealand is working with CWG in convening an advisory group, which will comprise adviser representatives from all sectors – risk, lending, investment, financial planning and general insurance, Brown said.
“Our goal is to ensure the adviser view has a strong voice so that we achieve a constructive regulatory outcome for our members, who, in turn, will ensure access to quality advice for the New Zealand public,” she said. “We urge all advisers to read our submission and provide feedback on the commentary series we’ll be running over the coming weeks.”
